EFTA Document EFTA01458634

11 September 2015 Asset Allocation Figure 15: Gold and industrial metals in particular still remain very expensive --Industrial metals price -Fated model ind metals price index Fitted (Log Real IM Metals Pnce) = 16.9 -2.541Ln USOTW1) + 3.71World Output Gap) (-172.2) 163.61 550 rstimated Sample Period: Jan 1993 to Feb 2013 P-Squared = 86% 550 500 450 400 350 300 250 200 150 100 8 8 th 3 ;5 500 450 400 u 350 -1rY. 300 250 200 150 r 100 O O O O O O O O